China’s finance minister said on Monday that business tax in all industries will be replaced by value-added tax before May, a concrete step in deepening fiscal and taxation reform.
SOUNDBITE: LOU JIWEI, Chinese finance minister
“The progress in the VAT reform last year was slower than the previous plan. Efforts would be made to meet the May 1 deadline this year.”
Lou also says his ministry is working with relevant agencies on property taxation and proposals on individual income tax reform.
But he also advises people not to hold their expectations too high as the reform will be “a complicated process.”